IPSCO SHAREHOLDERS APPROVE ARRANGEMENT WITH SSAB

IPSCO SHAREHOLDERS APPROVE ARRANGEMENT WITH SSAB

[Lisle, Illinois and Stockholm, Sweden] [July 16, 2007] - At a special meeting
of IPSCO Inc. (NYSE/TSX:IPS) shareholders held this morning, shareholders voted
to approve the Plan of Arrangement whereby SSAB Svenskt Stål AB (SSAB) will
acquire all of the outstanding shares of IPSCO.  Approximately 99% of the votes
cast by shareholders was in favor of the transaction.

As previously announced, on May 3, 2007, ISPCO and SSAB entered into an
agreement providing for IPSCO to be acquired by SSAB for U.S. $160 per share in
cash for a total equity value of approximately U.S. $7.7 billion.

IPSCO and SSAB have received all regulatory approvals that are a condition to
the completion of the transaction.  The completion of the arrangement remains
subject to the approval of the Ontario Superior Court of Justice and the
satisfaction of certain other conditions described in the Management Proxy
Circular dated June 11, 2007 that was mailed to shareholders of IPSCO and is
available on SEDAR at www.sedar.com.  IPSCO and SSAB expect the transaction to
be completed on July 18, 2007.

IPSCO is a leading producer of energy tubulars and steel plate in North American
with an annual steel making capacity of 4.3 million tons. IPSCO operates four
steel mills, eleven pipe mills, and scrap processing centers and product
finishing facilities in 25 geographic locations across the United States and
Canada. The Company's pipe mills produce a wide range of seamless and welded
energy tubular products including oil & gas well casing, tubing, line pipe and
large diameter transmission pipe. Additionally, IPSCO is a provider of premium
connections for oil and gas drilling and production. IPSCO trades as “IPS” on
both the New York and Toronto Stock Exchanges.

SSAB is a Swedish based publicly traded corporation with a leading European
position in Quenched & Tempered heavy plate and EHS/UHS steel sheet. The Group
comprises four divisions: Division Sheet and Division Heavy Plate are the steel
operations with steel shipments of 3.1 million metric tonnes in 2006, Plannja is
a processing company in building products, and Tibnor is the Group's trading arm
supplying a broad product range of steel and metals. The Group has sales
revenues of almost U.S. $ 4.6 billion. SSAB has 8,800 employees and has
operations or offices in over 40 countries and a worldwide sales presence.

This document contains forward-looking statements based on assumptions that are
subject to a wide range of business risks, including consummation of the Plan of
Arrangement being dependent on the satisfaction of customary closing conditions,
including approval of the Ontario Superior Court of Justice. There is no
assurance that the estimates and expectations in this release will be realized.
Important factors that could cause actual results to differ materially from the
forward-looking statements are described in the periodic filings of IPSCO with
the United States Securities and Exchange Commission (“SEC”) and Canadian
securities regulators, including its Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q. Neither IPSCO nor SSAB undertakes any obligation to update
or revise its forward-looking statements, whether as a result of new
information, future events or otherwise.

This press release is for information only and does not constitute an offer to
issue or sell, or the solicitation of an offer to acquire, securities in any
jurisdiction.


IPSCO Contacts:
Corporate Communications
John Comrie
Tel. 630-810-4730
jcomrie@ipsco.com 


Investor Relations
Tom Filstrup
Tel. 630-810-4772
tfilstrup@ipsco.com 


Investor Relations
Stefan Lundewall
Tel. +46 70-508 28 57
stefan.lundewall@ssab.com 


SSAB Company Contacts:
Corporate Communications
Tommy Löfgren
Tel. +46 70-525 94 14
tommy.lofgren@ssab.com


IPS Ref#07-20